Rainforest, an Atlanta, GA-based provider of a payments-as-a-service (PaaS) platform, raised $11.75M in Seed funding.
The round was led by Accel, with participation from Infinity Ventures, BoxGroup, The Fintech Fund, Tech Square Ventures, Ardent Venture Partners and angels. It also included a $3.25M venture debt facility from Silicon Valley Bank (SVB), a division of First Citizens Bank.
The company intends to use the funds for continued investment in the team and product, with a singular focus on helping software platforms drive revenue and improve retention while enabling their customers to accept and send payments.
led by Founder and CEO Joshua Silver, Rainforest is a payments-as-a-service (PaaS) platform that helps software platforms build and optimize embedded financial services. With it, software platforms can provide a payments experience for their end merchants without the risk, compliance, economic, and operational burdens of registering as a payment facilitator with card networks. Rainforest provides low-code integration technology, merchant portability, transparent pricing, and flexible contract terms.
Clients include RoadSync, PayGround, Rose Rocket, Curae, QuoteMachine and more.